It’s been awhile since we first talked about the Improving Disclosure for Investors Act (HR 2441/S 1877), which would default Americans into electronic delivery of critical financial information. In addition to negatively impacting many everyday Americans, this legislation would deprive print distributors of a key revenue stream.
Where Do Things Stand Today?
Since it was first introduced in 2023, the Improving Disclosure for Investors Act has passed the Senate and stalled in the House multiple times. In May 2025, it was once again read in the Senate and passed along to the Senate’s Committee on Banking, Housing and Urban Affairs. In June 2025, it was reported to the House and referred to the House’s Committee on Financial Services.
Follow the legislation’s progress through the U.S. Senate Tracker here.
In late May, 2025, a variety of organizations, including AARP, AFL-CIO, American Forest & Paper Association, Americans for Financial Reform, National Consumer Law Center (on behalf of its low-income clients), and PRINTING United Alliance, submitted a letter of concern to the House Committee on Financial Services. The letter was addressed to ranking member Maxine Waters.
Dated May 25, 2025, the letter outlines key risks and downsides if the legislation is enacted. These downsides include the following:
· Millions of older Americans and those without reliable internet could lose access to vital financial information.
· Research shows most consumers still prefer paper statements.
· Electronic delivery is not foolproof. Missed emails, spam filters and digital barriers put investors at risk.
Don’t Override Consumer Choice
The organizations emphasize that consumers should be asked their preference, not have their previously stated preferences overridden without their permission. Further, as the most reliable delivery option, paper – not electronic – should be the default when no choice is made.
Wise joins with these organizations in raising the alarm about the negative impacts of the Improving Disclosure for Investors Act. Thus, we continue to urge members of the industry to reach out to their Congressional representatives to oppose this legislation, which has negative consequences both for everyday Americans and for the print distributors who rely on the recurring revenue from sales of paper statements.
Bill Prettyman is CEO of Wise, Alpharetta, GA. Wise manufacturers industrial/prime labels and tags, traditional forms, and digitally printed products and services for resale only. For more information, visit www.wbf.com or email Bill at [email protected].
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